Period Cash Flows
Cumulative Cash Flows PVIF@8.75% Discounted Cash Flows
Cumulative Discounted
Cash Flows
0 (15,000,000.00)$ (15,000,000.00)$ 1.0000 (15,000,000.00)$ (15,000,000.00)$
1 1,500,000.00$ (13,500,000.00)$ 0.9195 1,379,310.34$ (13,620,689.66)$
12 2,040,000.00$ 464,581.50$ 0.3655 745,553.79$ (5,106,817.40)$
13 2,080,800.00$ 2,545,381.50$ 0.3361 699,278.03$ (4,407,539.37)$
14 2,122,416.00$ 4,667,797.50$ 0.3090 655,874.57$ (3,751,664.80)$
15 2,164,864.32$ 6,832,661.82$ 0.2842 615,165.11$ (3,136,499.68)$
16 2,208,161.61$ 9,040,823.43$ 0.2613 576,982.45$ (2,559,517.23)$
17 2,252,324.84$ 11,293,148.26$ 0.2403 541,169.75$ (2,018,347.48)$
18 2,297,371.34$ 13,590,519.60$ 0.2209 507,579.90$ (1,510,767.58)$
19 2,343,318.76$ 15,933,838.36$ 0.2032 476,074.94$ (1,034,692.64)$
21 2,500,000.00$ 14,824,023.50$ 0.1718 429,462.68$ (1,279,602.09)$
22 2,550,000.00$ 17,374,023.50$ 0.1580 402,806.38$ (876,795.72)$
23 2,601,000.00$ 19,975,023.50$ 0.1453 377,804.60$ (498,991.12)$
24 2,653,020.00$ 22,628,043.50$ 0.1336 354,354.66$ (144,636.46)$
25 2,706,080.40$ 25,334,123.90$ 0.1228 332,360.23$ 187,723.78$
26 2,760,202.01$ 28,094,325.91$ 0.1129 311,730.98$ 499,454.75$
27 2,815,406.05$ 30,909,731.96$ 0.1039 292,382.16$ 791,836.91$
28 2,871,714.17$ 33,781,446.12$ 0.0955 274,234.30$ 1,066,071.21$
29 2,929,148.45$ 36,710,594.58$ 0.0878 257,212.86$ 1,323,284.07$
30 2,987,731.42$ 39,698,326.00$ 0.0807 241,247.92$ 1,564,532.00$
Payback Period = 11.77
Discounted Payback Period = 24.44
Project X Payback and Discounted Payback Analysis
2 1,530,000.00$ (11,970,000.00)$ 0.8456 1,293,697.98$ (12,326,991.68)$
3 1,560,600.00$ (10,409,400.00)$ 0.7775 1,213,399.48$ (11,113,592.19)$
4 1,591,812.00$ (8,817,588.00)$ 0.7150 1,138,085.03$ (9,975,507.16)$
5 1,623,648.24$ (7,193,939.76)$ 0.6574 1,067,445.27$ (8,908,061.89)$
6 1,656,121.20$ (5,537,818.56)$ 0.6045 1,001,190.05$ (7,906,871.84)$
7 1,689,243.63$ (3,848,574.93)$ 0.5559 939,047.22$ (6,967,824.62)$
8 1,723,028.50$ (2,125,546.42)$ 0.5112 880,761.53$ (6,087,063.09)$
9 1,757,489.07$ (368,057.35)$ 0.4700 826,093.57$ (5,260,969.52)$
11 2,000,000.00$ (1,575,418.50)$ 0.3974 794,891.90$ (5,852,371.19)$
6 1,656,121.20$
7 1,689,243.63$
8 1,723,028.50$
9 1,757,489.07$
10 (3,207,361.15)$
11 2,000,000.00$
12 2,040,000.00$
13 2,080,800.00$
14 2,122,416.00$
15 2,164,864.32$
16 2,208,161.61$
17 2,252,324.84$
18 2,297,371.34$
19 2,343,318.76$
20 (3,609,814.86)$
21 2,500,000.00$
22 2,550,000.00$
23 2,601,000.00$
24 2,653,020.00$
25 2,706,080.40$
26 2,760,202.01$
27 2,815,406.05$
28 2,871,714.17$
29 2,929,148.45$
30 2,987,731.42$
0 (15,000,000.00)$ NPV= $1,564,532.00
1 1,500,000.00$ IRR= 9.8%
2 1,530,000.00$ MIRR= 9.1%
3 1,560,600.00$
4 1,591,812.00$
5 1,623,648.24$